Skip to main content

McKinley Carter Receives '2023 Best Places to Work' Award from InvestmentNews

Graduate students holding a piggybank with education savings

College Costs are Going Down - and Other Education Trends Worth Noticing

Photo of author, Will Carter, JD.
Will Carter, JD
Senior Advisor

One of the most emotionally and financially discomforting issues faced by parents of young children is how to pay for college education.

For deep-rooted biological reasons, we are, as a species, genetically pre-disposed to putting our children’s needs before our own. This fact, combined with the fact that a college education is the most reliable path to earn enough to live a good life, means that our clients often will sacrifice meaningful opportunities to improve their own financial situation (e.g., funding retirement and paying down high interest debt) in order to save money for their children’s college.

Though it is an understandable and noble impulse to save money for kids’ future college costs at the expense of parents’ own financial future, it is not something that should be done without reflecting on different possibilities. To encourage my clients to re-examine their automatic assumptions about how best to approach the funding of their children’s college, I sometimes begin by sharing a shocking fact: Actual costs of what people are paying (not the “published” tuition price) for college are dropping (see pages 22-24 of The College Board’s 2014 Trends in Higher Education.)

Even more important is to understand why this is happening, and how pricing pressure reveals new possibilities for earning a college degree that most of our clients cannot even imagine. For further discussion, give your McKinley Carter advisor a call!

Related Insights
I Stock 1223929743 negotiations CJB USE for blog

Negotiation Skills: The Key to Unlocking Better Salaries, Contracts, Prices

Negotiation skills are essential in many aspects of life, from job interviews and salary negotiations to purchasing a car or negotiating contracts with vendors. By learning how to negotiate effectively, you can increase your income and savings, as well as improve your overall confidence and communication skills. Learn more.

Read More
I Stock 1305360183 CMP B Log copy 3in

Attention Skeptics: Unclaimed Property Notices May Be Worth Looking Into

We’ve all heard the statement that If it’s too good to be true, it probably is. Unfortunately, we’ve become so conditioned to ignoring items that fall into this “free found money” category that we cross the line from skeptical to cynical. Skepticism is healthy, cynicism is not. Even the statement itself contains the word “probably.”

What I’m referring to here is the unclaimed property accounts all states have. You may have seen articles or ads telling you there might be money in your name, and all you must do is fill out a form to get it. It definitely sounds like one of those too good to be true proclamations. However, in this case it isn’t. Here's why it may be worth your while to look into it.

Read More
I Stock 1342418985 copy women USE

Introducing The SAVVY: Financial Education Just for Women 

At McKinley Carter, we recognize we are uniquely situated to help women “do better” with their money. We are so proud to announce the launch of The Savvy – A Society of Women Pursuing Their Ideal Life. The Savvy will bring real world financial tips, insights, and education directly to the women we serve through digital communications, in-person events, and one-on-one conversations. Learn what's coming in 2023 and beyond to help women better embrace their relationship with money.

Read More
Play